Question 20 of 20 : Select the best answer for the question 20. On January 1, 2018, Pine Cone Designs purchased a patent giving it exclusive rights to manufacture a new type of synthetic clothing for $240,000. While the patent had a remaining legal life of 15 years at the time of purchase, Pine Cone expects the useful life to be only eight more years. In addition, Pine Cone purchase equipment related to the production of the new clothing for $140,000 The equipment has a physical life of 10 years, but Pine Cone plans to use the equipment only over the patent's service life and then sell it for an estimated $20,000. Pine Cone uses straight-line for all long-term assets. The amount to expense in 2021 related to the patent and equipment should be